After being in debt for some time you find yourself struggling to remember what it feels like to not owe anyone. Unless you have been deep in debt, it is hard to describe the feeling to others. At times it feels like a tractor is parked on your chest, and other times it feels like two tractors are parked on your chest.
The best way I can sum it up is to say that being in debt sucks. Sorry, I know that’s a bit crude, but when it comes to debt all rules of verbal civility must be tossed. Without further apologies, here’s my list of reasons why being in debt sucks.
1. Debt limits your opportunities. How would you like to pick up and move across the country, or maybe just closer to relatives, or to the beach, or to the mountains? Perhaps you would like to make a career change, go back to school, or take that international assignment for a couple years. Forget about it. You are in debt.
2. Debt forces you to put up with more crap. Debt forces us to put up with bad jobs, poor living conditions, broken down cars, and cubicle creeps with headsets, also know as debt collectors.
3. Debt is the first thing you think about each morning. Seriously, you know you are in trouble when you hit the alarm clock at 5:30 in the morning and think, “Hey, that’s the same amount as my car payment – $530. And I have no idea how I’m going to pay it this month!”
4. Debt is the last thing you think about each night. Money problems is a leading cause of insomnia. Instead of drifting off to sleep counting sheep you lie there counting the months until you will be debt free. You obsess over it. You worry over it. And the reality that you can do little to get rid of it right away leaves a feeling of helplessness that is truly depressing.
5. Debt eats away at future earnings. For every dollar you pay in interest on debt it is a dollar that could have been spent on something else, and a dollar taken away from your earnings. It’s like a little debt monster snatching $100 from each paycheck and depositing it in their bank, laughing all the way!
6. Debt makes you desperate. There is a reason people applying for positions with financial authority are scrutinized more carefully. Of those who commit financial crimes, it is not unusual to find out they were deep in debt. It has a way of challenging your morals for the promise of freedom.
7. Debt affects your entire family. Kids may not fully understand the financial ramifications of debt, but they recognize Mom and Dad sure fight about that “d” word a lot. They don’t know what debt is, but from listening to you they think they’ll always be in it, and being in it must be bad.
8. Debt is a lousy employer. When you are in debt, and over half of your income is going towards repaying that debt, you might as well consider yourself working for the debt. And debt is a lousy employer!
9. Debt plays by its own set of rules. Don’t believe me? Try carrying a large balance on a credit card. One month your statement reflects an APR of 6%, the next 29%. What did you do to deserve it? You just appeared risky to their scoring model.
10. Debt makes even the sweetest life events taste sour. Getting married, buying a house, and having a baby should all represent some of the highlights of your life. But if you are deep in debt, these event only provide temporary relief. Until the bills arrive, that is.
If you find yourself deep in debt, you’ve probably experienced some or all of these feelings. I hope you are working to get out of debt. If you are not in debt, or have never been in debt, consider this ten reasons to never go into debt. Trust me; it sucks.
Day 2. Sprinkler day. Delay your sprinklers for one day so they come a little later in the morning. This way everyone can get on their bathing suits and have fun jumping through the sprinklers on a hot day. But not for too long! This is a good time to teach them about conserving water, reducing utility costs, etc.
Day 4. Set up a lemonade stand. This is probably my favorite idea because of the lessons in entrepreneurship involved. Loan your kids $10 as “seed money” for supplies, or better yet, let them use their own money from savings. This way they don’t get used to the idea that borrowing leads to prosperity. Take the kids along to the grocery store one morning and let them pick up the lemons, sugar, cups, and a couple bags of ice to keep in a cooler. Yes, Crystal Light lemonade works, too, but is less authentic and more expensive. This is a great way for neighborhood kids to work together, as they can divide into teams to man the lemonade stand, make the lemonade, handle the money, etc. Please remember that an adult needs to be with the kids at all times, both inside and outside the house, so have a neighbor help.
Day 7. Bake a cake. I remember having a ball helping my mom bake something when I was young. And not all the fun came at the end when I got to lick the icing from the bowl! Let your kids help bake a cake, and surprise mom or dad when they arrive home that afternoon.
Day 10. Declare a “bored” game day. I learned to play chess, checkers, backgammon, and poker (my mom wasn’t thrilled with that) one summer while staying with my grandparents. Few kids today don’t realize you can play games without a computer. Most of these old board games are inexpensive in their basic form – skip the “deluxe” edition, and check out the board game selection at 
Day 14. Spend a day volunteering your time. A good way to wrap up your two-week blitz of summertime fun is to allow your